Loan Insurance in Canada: Why Your Debt Barely Shrinks

An information chart comparing two loan repayment scenarios, illustrating how optional loan insurance in Canada can become a "debt trap" by significantly increasing costs and slowing down principal repayment.

Loan insurance in Canada is one of those financial details that can easily disappear into the paperwork—until someone notices that their loan balance has barely moved. Imagine borrowing $4,000 to cover an unexpected expense. You make your payments every month, never miss a due date, and assume you’re gradually getting back on your feet. Two years … Read more